Card Factory, Wolseley Profit Surge; Thomas Cook Booking Drops 4%

Sarla Buch
27 Sep, 2016
New York City

Card Factory profit soared 13% on 5% jumped in revenues. Commerzbank plans to reduce 9,000 jobs and cut its dividend as the bank embarks on multi-year restructuring. Legal & General said its retirement division doubled its new business to

[R]4:00 PM Frankfurt – Card Factory profit soared 13% on 5% jumped in revenues. Commerzbank plans to reduce 9,000 jobs and cut its dividend as the bank embarks on multi-year restructuring. Legal & General said its retirement division doubled its new business to £5.4 billion. Wolseley net surged.[/R]

In London trading, FTSE 100 index fell 10.37 or 0.2% to 6,807.67 and in Frankfurt the DAX index decreased 48.67 or 0.5% to 10,345.04.

In Paris, CAC 40 index slipped 15.14 or 0.3% to 4,392.71.

Card Factory Plc jumped 2.5% to 309.30 pence after the U.K.-based specialist retailer reported revenues in the first-half ending in July advanced 4.8% from a year ago to £169.2 million.

Net profit in the period soared 12.5% from a year ago to £21.5 million compared to the £19.1 million and diluted earnings per share increased to 6.29 pence from 5.60 pence.

Commerzbank AG slumped 2.3% to €5.91 after Handelsblatt newspaper reported Germany-based financial services provider plans to restructure and reduce about 9,000 jobs in the coming years and cut its dividend.

Legal & General Group Plc slipped 1.6% to 215.10 pence after the U.K.-based investment and insurance services provider said its retirement division doubled its new business with sales in 2016 surging 86.2% from a year ago to £5.4 billion.

The insurer said during the month of September, in bulk annuity sales were about £400 million in the U.K. and the U.S.

Thomas Cook Group Plc fell 1.1% to 69.25 pence after the U.K.-based leisure and travel group said booking in summer declined 4% but overall group bookings remain in line with expectations and excluding Turkey, bookings jumped 8%.

The travel group stated booking in Northern Europe dropped 6% and bookings in Continental Europe slumped 9%.

Wolseley Plc plummeted 3% to 4,170.30 pence after Switzerland-based plumbing and heating products maker reported revenues in the year ending in July soared 8.5% from a year ago to £14.4 billion.

Comparable sales in the period jumped 2.4%.

Net profit in the year surged 205% from a year ago to £650 million compared to the £213 million and diluted earnings per share advanced to 194.4 pence from 123.4 pence.

Wolseley plans to close its 80 branches in the U.K. and a distribution centre.